Tesla shares drop 14% after warning, stock sale

LONDON (MarketWatch) -- Tesla Motors Inc.
TSLA, -0.24%
shares fell almost 14% to $26.43 in premarket trading on Tuesday after the electric car maker cut its sales target for 2012 and warned that it has fallen behind on its production goals for its Model S sedan. Tesla also announced a follow-on offering of 4.34 million shares of its common stock and said CEO Elon Musk is interested in buying up to $1 million worth of those shares. Goldman Sachs will manage the deal and Tesla said it will use the proceeds for "general corporate purposes."

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